BUZZ-Valeant Pharmaceuticals: Wells Fargo starts with "underperform"
** Canadian drugmaker's U.S-listed shares down 4.6 pct at $89.79; Toronto-traded stock down 4.4 pct at C$123.77
** Wells Fargo initiates with "underperform" rating and a $65-$68 valuation range, which implies 42 pct downside from the current market value
** "We believe the Valeant board and management have made decisions that may have put Valeant at significant business and reputational risk," analyst David Maris writes in a note
** Analysts, however, remain bullish on the stock with only 1 out of 23 analysts rating it "sell"; 8 have "hold" rating and 14 "buy" or higher
** Median PT $155; stock's intrinsic valuation $191.22, according to StarMine
** Options busy with 13,000 contracts traded in first 30 minutes, 2x the normal pace; trading activity bearish, according to Trade Alert data
** VRX 3/4 weekly 75 put the most active contract; March 50 puts the next most active
** Up to Thursday's close, U.S. stock had fallen 44 pct in 12 months
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